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Please help..about sec 40a(3)

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 October 2011 We have resturant business at malls. as per rent agreement with the mall authoities we pay monday-thursday's cash sale amount to mall authorities as rent and balance in cheque. our total rent is 33% on sale + service tax. from few days our cash sales of monday-thursday exceeds rs .20000/-. now my question is as per sec 40A(3) we can not pay cash more than rs. 20000/- on a single day to a single party. so what shall we do now?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 October 2011 yes. Sec.40A(3) applies on your payment single day single party. better you explain your consequences with the mall authorities and make cheque each day also and pay the rent
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